Helpful Estate Planning Tips for Clients with High-Net-Worth Estates

Regardless of the number of assets you own or your life situation, estate planning can be difficult. For high-net-worth individuals, however, estate planning can present some unique obstacles. Additionally, estate planning laws and taxes are constantly evolving, and it can be hard to keep up to date with these various changes. Here are some important estate planning tips to remember if you are an individual with a high-net-worth estate.  Recognize the Obstacles High-Net-Worth Individuals Commonly Face High-net-worth estates commonly encounter one of several estate planning obstacles. By understanding these challenges and planning for them in advance, it is often possible to avoid these hardships. Some of the obstacles you should consider include: Many high-net-worth individuals fail to revise the terms of their estate plans after major life events like births, marriages, and divorce. As a result, it is common for these individuals to end up with outdated estate plans.  If you own a business, create a detailed succession plan. While this might involve passing your business down to children, it could also involve a much more nuanced succession. Despite the value of adequate succession planning, not everyone takes these steps.  Because high-net-worth individuals often have a diverse set of income [...]